I think there is still value in college athletics as it keeps alumni engaged, enhances the college experience, and provides marketing for the University.
All of this said, the costs have got out of hand. I get why the Nick Saban's and Urban Meyer's of the world made what they did. Their programs were highly profitable and they were highly successful.
I don't think athletics necessarily needs to turn a profit, but it also shouldn't be financially crippling schools. IMO no MAC football coach is worth $600K+, yet you have multiple making $1M+. They're only able to command that because MAC Universities, along with most of the G5, are heavily subsidizing athletic departments to the tune of ~$25M+/year. If that subsidy was something more manageable, let's say $10 million, staffing costs across all sports and building costs would be greatly reduced.